369X Review: Is 369X.io Legit Or Scam?
Considering an opportunity with 369X? Before you invest, take a deep breath and read this review. 369X operates in the cryptocurrency Multi-Level Marketing (MLM) niche, and upon closer inspection, reveals several red flags that suggest it might be a scam.
Is 369X Legit Or Scam?
Based on the research and customer Reviews, it is advisable to avoid 369x.io. Here are several redflags:
1. Recent Arrival With Uncertain Connections
369X launched in January 2023, but its roots lie in the already exposed Ponzi scheme, Mavie Global, run by CEO Michal Prazenica. This suggests Mavie Global might be struggling to attract new investors, prompting the creation of 369X as a “rebrand.”
2. Opaque Operations And Shell Companies
369X, despite its Italian leadership, operates from Dubai, a location notorious for harboring MLM scams due to lax regulations. Furthermore, 369X utilizes a Seychelles shell company, 369 Clearing Group Limited, to further shroud its legitimacy.
3. Non-Existent Products And “Investments”
369X offers no real products or services. Their sole “opportunity” revolves around promoting affiliate memberships and tokens (VIBRA and 369T) with promised annual returns.
4. The Pyramid Scheme
369X uses a unilevel MLM compensation plan. Here, affiliates earn commissions not only from their direct sales but also from purchases made by those they recruit (down to six levels). This structure prioritizes recruitment over actual product sales, a hallmark of pyramid schemes.
5. Potential Securities Fraud
369X conspicuously disclaims targeting US and Canadian residents – countries with robust securities regulations. Passive income generation through VIBRA and 369T qualifies as a securities offering. Without regulatory registration, 369X is likely committing global securities fraud.
369X exhibits every hallmark of a Ponzi scheme:
- No real products or services
- Promises of high returns with no clear explanation of their source
- Reliance on new investor funds to pay out existing members
Francesco Porcu, CEO of 369X, with his claimed financial experience, should be well aware of the illegality of such an operation. The inevitable collapse of 369X will leave investors holding worthless tokens and facing financial losses.
Like all MLM Ponzi schemes, 369X is destined to collapse when affiliate recruitment slows down. This will lead to a decline in new investment, ultimately starving the system of the funds needed to pay promised returns. When this happens, the majority of participants will lose money.
By staying informed and avoiding red flags like those displayed by 369X, you can protect yourself from falling victim to a scam.
